On hold, pending payment...

[Pilgrim]

Why is this a concern if it's not your transaction that's involved?

 

[74hc]

When I buy online, I pay immediately after agreeing. Always.

It's not that hard with today's technology like Paypal. Who in the heck uses checks nowadays for private party sales?

It's a good rep to have because some sellers know me for this, and respond with a better offer once I contact them. They know if we agree, they get payment within minutes.

Then there are some sellers who take my money immediately. Fail to disclose they don't have the product. Then use my money to back purchase that stock. And, take far too long to ship, but more importantly get it into my hands which is what matters most. Thus, I'm their shaging bank loan officer that didn't get paid for that service.

 

[phillipkregg]

There was a bass I really wanted a few months ago and I only had half the funds available so I made a deal with the seller to pay them half now and the other half in a week.

Thankfully they agreed to it and it was marked as "sold pending payment".

And now I have one of the best instruments I've ever owned.

Of all the things to get upset about, this isn't one

 

[Eric Swaim]

In my experience, I believe in the "golden rule" first person with the money gets the item. Pending for me just means the guy is putting in the paypal info to buy it.

 

[Picton]

I don't do Pending ads, though maybe I should; I was selling a guitar on a different forum several years ago, and a buyer and I agreed to a local meetup. I'm not a believer in putting all my eggs into one basket, though, so I bumped the ad as I'd done a few times previously; the "pending" period of the deal happened to fall within the seven days during which I could bump, and I explained that to the buyer when he PMed me, completely distraught that I would "disrespect" him by bumping the ad while we had a deal in place.

I told him it was nothing personal, that I'd had deals fall through before, and that I wasn't bumping with any other buyer in mind; our deal was still very much on. But he was so petulant about it that he canceled the sale, even after I'd reassured him I still wanted to sell to him at our agreed price.

I still don't understand his actions. It was business, and he made it personal.

 

[Ghook]

I see nothing wrong with any agreement between seller and buyer, none of my business. I guess if I was a cash buyer waiting on another transaction to close I would simply ask to be called if that deal fell through and that I was ready to go.

Personally I have had great buying and.selling experiences with guitars. It needn't be a contact sport.

 

[Ghook]

I don't do Pending ads, though maybe I should; I was selling a guitar on a different forum several years ago, and a buyer and I agreed to a local meetup. I'm not a believer in putting all my eggs into one basket, though, so I bumped the ad as I'd done a few times previously; the "pending" period of the deal happened to fall within the seven days during which I could bump, and I explained that to the buyer when he PMed me, completely distraught that I would "disrespect" him by bumping the ad while we had a deal in place.

I told him it was nothing personal, that I'd had deals fall through before, and that I wasn't bumping with any other buyer in mind; our deal was still very much on. But he was so petulant about it that he canceled the sale, even after I'd reassured him I still wanted to sell to him at our agreed price.

I still don't understand his actions. It was business, and he made it personal.

I have met far too many "It's not personal" businessmen who take it very personally if they end up on the losing end of a hard fought negotiation. LoL

 

[Picton]

I have met far too many "It's not personal" businessmen who take it very personally if they end up on the losing end of a hard fought negotiation. LoL

I was going to add, it was a good thing I kept bumping I guess. Damn thing sold a week later.

I don't get precious about online sales, either as the buyer or as the seller. The world won't end, either way.

 

[Kukulkan61]

Ill take carrots as payment...

 

[five7]

Waiting for buyer to get back from the Arctic and it is a long wait. But I told him I would and I will give it a couple more weeks if I have to.

 

[Mastermold]

Once a price is negotiated and accepted by both parties, the seller accepting other offers is not cool in my book. They have given their word, and they are backing out on it - credibility is gone. And if they have accepted a deposit? That's a completed sale - very very not cool.

But unless it was something I really really wanted, or needed and didn't have another source for it, I'd do the same thing and let the other buyer deal with the seller. Killing credibility with me is pretty complete, so I have to wonder where else should I not be trusting them.

Yeah I wanted the bass but didn't want to fight about it. Takes the fun out of the deal.

 

[LaklandLaksNADA]

Tbh this seems like one of those things that life is way too short to get pissed about...

 

[dave64o]

I've had two transactions where I contacted the seller right away and told them I'd take the item. Coincidentally, they happened to be very close to where my son was going to college at the time and I would be there in a short while to pick him up for Christmas break one time (I think that was two days later) and spring break the other (and that one was one week later).

In both cases, I offered to put down a deposit that the sellers would refund when I paid in cash in person and I gave them the dates I would be there. Our agreements included wording stating that if I didn't show up as agreed then I would forfeit my deposit and they would remove my "hold" on the item so anyone else could buy it. They both agreed and also gave me a discount for picking up in person rather than having to incur the cost and risk of shipping them. Both transactions went perfectly, I met two great TB'ers, and I have a couple of pieces of gear I love.

In both cases, the sellers posted in the thread that the item was On Hold Pending Payment, which seemed accurate to me. Since we agreed to terms and kept our ends of the deals, I can't see why anyone who wasn't a party in either transaction could possibly complain about the arrangements.

... and if anyone did complain, I certainly wouldn't pay any attention. The sellers and I agreed to our terms and that's no one else's business but ours.

 

[hennessybass]

I post that in most of my sales.

A guy says "I'll take it" and I post on hold pending payment.

It just lets another potential buyer know the status. Kind of a courtesy.

A buyer might say I'm out of town, I can PayPal tomorrow or something.

Once the money is in my position, then it's "sold."

I sold a spitfire pickguard a while back and probably had 5 guys get in line to be next up once it was "on hold pending payment." - I kind lowballed that one -

It's all good. Sucks when someone beats you to something you want, but just keep your eyes peeled.

 

[KevInDaBassment]

I think they mean they have someone who said they want the bass, but the seller hasn't received the money yet. In other words, if payment isn't received, the bass goes back up on the market.

This ^

I'm much more likely to do that on TB than anywhere else, but the way it usually pans out for me, is that someone will make an offer on it, but say that they are at work or some other scenario and cannot send the money right now, but will get it to me later that day. I am especially willing to do this for them if they are going to pay the asking price.

It's never backfired on me thus far, but like I said, I only do it on here.

 

[Big Hoss]

In an ideal world, we'd be dealing with cash on hand, with no risk of theft of fraud, ready to go and make an immediate transaction in person.

Many of these transactions now are online.
Banking institutions need time to make the required transfers from buyer to seller.
Moving carefully can, and often does give you time and opportunity to spot red flags of fraud.

I have posted things pending payment, meaning a price has been agreed upon, and hte payment is pending through the payment processor, usually PayPal. Lacking that you as the seller, or buyer lack any real protections in the all too prevalent cases of fraud or theft.

FWIW, I have made purchases on other forums where I have sent the payment and marked the thread "payment sent" to insure the seller knows to look and verify payment to insure shipping soonest possible...

 

[DJS]

I once sold a motorcycle to a kid, and he said "I'll take it. I just have to ask my boss to borrow the money." No one was more surprised than me when he showed up the next day with a stack of hundreds totaling $5000.

 

[LoTone]

Didn't want to crap on a sellers post so I thought I would vent my frustration here. Cash is king, if you have it, what ever I'm selling is yours.

What's up with these posts within 'for sale' ads that state 'on hold pending payment?'

Somebody has to ask their mom for money? They have to collect coins from behind the couch cushions? Their great uncle owes them $50 and they're going to collect now? They have to ask their boss Cleetus at the Pump 'N Munch for a two-month advance?

Obviously this was a bass I was on the fence about. I never realized an option could be 'hey if I can find some money, I'd like to buy this. Please hold it for me until I can figure out how to pay for it

This is all somewhat tongue-in-cheek but really, people are asking to hold items for sale without having the payment readily available?

I think you are over thinking this a bit. When I sell anything on TB...

1. A potential buyer contacts me through the sale thread or through a PM conversation.
2. We talk about the item.
3. Typically, the buyer tells me that they want to go ahead with the purchase.
4. I will post a comment in the thread saying that the item is spoken for as a way to tell other potential buyers that, under normal circumstances, that item is no longer for sale. This is when the 'on hold pending payment' comment appears in the thread.
5. Usually, within a day or two the payment is processed.
6. Then, I add another comment saying 'SOLD!'.

There is nothing unusual about this. Talkbass caters to an international audience. So, sometimes, it takes a few days for payments to clear.

 

[FrenchBassQC]

Here is my .02 cents on this.... ohhhhh hold on I cannot find it...… can you wait until I find it...… … That's a pending .02 cents payment.

 

[moogieotter]

I usually only use a Pending Payment when it's a check from Nigeria that includes over-payment.